ProMerchant Review
October 01, 2019 / Jack Atkins
ProMerchant Review
October 01, 2019 / Jack Atkins
ProMerchant Review
Advertising Disclosure
Intro
ProMerchant is a fairly new credit card processing company targeting merchants processing large volumes each month. It offers two types of pricing: interchange plus fixed rate and interchange plus monthly rate. According to ProMerchant, it is committed to offering personalized support without any setup or application fees.
Pros
Month-to-month agreements, no cancellation fee
No setup or application fees
Choice of two pricing models
Cons
Lack of transparency about pricing
Website looks flashy, but lacks information
Less experienced than competitors
Leaders Merchant Services in Brief
Monthly fee: Varies
Per swipe fee: Varies
Setup fee: None
Cancellation fee: None
PCI compliance fee: Not stated
Best for: Merchants that process more than $15,000 per month
Terminals
ProMerchant offers a small number of third-party terminals for free, although it doesn’t explain how it factors these terminals into the overall cost of its service. It also provides Authorize.net online payment gateway for ecommerce payments, as well as virtual terminals for phone/mail orders.
Here are the two free terminals advertised publicly by ProMerchant:
  • Verifone VX520 PIN pad terminal. EMV compliant, with ability to process NFC transactions, and dual mode capability that allows it to run on a standard phone line, internet connection, or wireless router.
  • PAX A920 with 5-inch HD tablet display. Operates via Wi-Fi or 4G, saves transaction information in the cloud, and has e-signature and tip functionality.
POS solutions
ProMerchant is an authorized seller of the popular Clover line of point-of-sale devices. Clover replaces your cash register, credit card swiper, payment terminal, receipts printer, and barcode scanner with an integrated suite of products. Users can add accessories and apps to the Clover POS solution as they like to form a complete business package.
These are the four options:
  • Clover Station. All-in-one POS system that replaces the traditional cash register and drawer.
  • Clover Mini. Tablet-sized touch screen with signature capture, front-facing camera, and integrated thermal printer.
  • Clover Flex. Countertop and handheld device with a battery that lasts a full workday without needing to be recharged.
  • Clover Go. Smartphone-sized device that does virtually everything the other Clover devices do – with the added benefit that you can use it anywhere you have a Wi-Fi or 4G connection.
Merchant services
Despite having the word ‘merchant’ in its name, ProMerchant doesn’t appear to offer much in the way of additional merchant services (such as business funding or website design). From what we can gather, it really only offers credit card processing services. ProMerchant is a relatively new player in the payment processing, so it’s possible they will add merchant services in future – but if and when they do so is anyone’s guess.
Pricing
The thing that makes ProMerchant most stand out is its pricing structure. Unlike some credit card processors, ProMerchant doesn’t involve itself with confusing tiered pricing structures where fees can vary wildly from transaction to transaction. Instead, it offers two very easy-to-understand price structures: Interchange Plus Fixed Rate and Interchange Plus Flat Monthly Fee.
Here’s how the two pricing structures work:
  • Interchange Plus Fixed Rate is a very common pricing structure which involves the customer’s card provider’s interchange fee plus a small fixed percentage (in the range of 0.1-0.2% of the transaction amount) and small fixed transaction fee (in the range of 10-25c) per transaction.
  • Interchange Plus Flat Monthly Fee is seen less commonly in the payment processing industry. It involves the interchange fee and fixed transaction fee but replaces the fixed percentage with a flat monthly fee. This pricing structure is best suited for merchants with high volumes of transactions, starting from around $15,000 - $20,000 per month.
While it’s a good thing that ProMerchant offers two easy-to-understand price structures, the downside is it doesn’t provide any actual numbers. Nowhere on the ProMerchant website does it give any indication as to how much you might pay in monthly fees or per-transaction rates and fees. Although it says it is committed to not charging setup or cancellation fees, ProMerchant doesn’t give any information about other fees – like PCI compliance.
As with any payment processing company, we recommend speaking to a ProMerchant sales representative about the fees and checking your contract carefully for any hidden fees.
Applying and contracts
Here’s the good news: ProMerchant strictly does not lock customers into contracts and doesn’t charge any setup or cancellation fees. It’s quite easy to get started: just use the form on the ProMerchant website to provide your contact details, business type, and anticipated monthly sales – and a sales representative should get back to you same or next business day.
About ProMerchant
ProMerchant LLC was founded in 2018 by former executives from other merchant services providers, led by Kevin Murphy. It is based in Boston and is a registered ISO/MSP in association with Fifth Third Bank, Cinicinnati, OH. Some merchant accounts may also be referred to a registered ISO/MSP of to HSBC Bank USA, Buffalo, NY or Wells Fargo Bank, Walnut Creek, CA.
Customer Support
Although ProMerchant has only existed for two years, it has already attracted enough glowing customer reviews to match some of its more-established competitors. ProMerchant has a 4.7/5 Trustpilot rating, with 97% of customers labelling its ‘excellent’. The thing merchant appear to like most about ProMerchant is that it doesn’t bury hidden fees in the contract.
To speak with a ProMerchant representative, call (888) 712-3316.
Summary
It’s hard to see where ProMerchant stands out, aside from the ‘Interchange Plus Flat Monthly Fee’ – which does offer benefits to high-volume merchants. With that said, merchants appear to really like and trust ProMerchant’s service and many also claim to have found ProMerchant preferable compared to other more-established competitors. Given these high approval ratings, it would seem silly not to request a quote from ProMerchant when comparing payment processors for your business.
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